Yet Another One
Hacking Ashton becomes yet another law firm to face insolvency proceedings.
The Liquidation of Hacking Ashton goes to further demonstrate the difficulties being faced by the profession. It was pleasing to see the SRA taking a sensible approach and not intervening into the firm, which should create a better outcome for clients and creditors.
Facing financial difficulties can be a difficult position for any firm of solicitors to be in, worrying about their professional reputation, the view of the SRA given their objectives in relation to financial stability and also their own personal financial future.
Many firms of solicitors are trapped by a benign economic climate (although this is starting to improve), overvalued (unrecoverable) WIP that has been the back bone of their business for years and a lack of succession.
At Lucas Johnson we know those problems all too well, we also fully understand the one hundred and one other problems facing law firms in 2013. Seeking a sensible exit, early on can be a hard pill to swallow, but better this than a disorderly wind down of the practice that does little but to upset clients and asset values, leaving the partners/members exposed personally.
For help with your financial predicament, contact us today on 0151 236 1924 or 0161 929 8666.